The International Finance Corporation (IFC) has committed to make an equity investment of R150 million ($10 million) in the South African Student Accommodation Impact Investments Proprietary Limited platform.
The IFC is supporting the development and operation of at least 15,000 student accommodation units over the next five years. The project is led by Eris Property Group, a real estate developer and fund manager.
The institution plans to leverage additional resources from partner agencies to strengthen the fund manager's work in the housing sector in South Africa. "The IFC's support has advanced our aspirations to fully meet our fundraising target of R2 billion," said Vuyani Bekwa, executive director of fund management at Eris.
In November 2020, following a R500 million capital raise, Eris Property Group said it would seek additional capital over the next 12 months to "pursue a number of attractive opportunities for the company" in the real estate sector.
While student enrollment in higher education in South Africa has doubled since 1994, the IFC notes that housing supply has not kept pace. According to estimates, there is a shortage of about 500,000 beds for university and vocational school students.
Chamberline Moko
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina Faso acquired both mines in 2024 but has struggled to...
• Ghana’s Cocobod announces plan to fulfill 100,000 tons of delayed contracts during the 2025/2026 harvest.• Production fell sharply in 2023/2024 due to...
• Government plans to leverage TikTok’s popularity to promote its “One Million Coders” initiative. • STEM content on TikTok seen as key to engaging youth...
• The reason behind this adjustment has not been detailed• Investor will be looking forward the operation’s prospectus• The IPO would occur amid business...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...
The Senegambian stone circles stand as one of the most remarkable archaeological legacies in West Africa, spread across parts of present-day Senegal and...